I am 69 and my wife is 65. I am a retired federal employee under the old Civil Service Retirement System. I have $280,000 in my Thrift Savings Plan, all being invested in the safe, secure G Fund. I have a good pension and also receive the bare minimum in Social Security benefits (due to the Windfall Elimination Provision) for my more than 40 quarters of private industry employment.
My adjusted gross income for 2012 was $70,067, and I use form 1040A for filing. I am debt-free. However, I’ve been living in the same home for 37 years. I’d like to buy a new house in a nicer neighborhood for between $250,000 and $300,000. I believe I can clear between $150,000 and $175,000 on the sale of my current home. I was thinking that instead of taking out a mortgage for the remainder of the $100,000 to $150,000 that I could draw from my Thrift Savings Plan.
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